Former NYPD Officer Accused in $4.7 Million Real Estate Scam

A former police sergeant and a New York attorney are being charged with stealing $4.7 million from investors using an elaborate real estate scam. James Monahan, who worked for the New York Police Department from 1994 to 2005, and Edward Adams of Obermayer & Adams in Manhattan, claimed to be building a condominium development in the Dominican Republic with more than 1,200 units.

The pair received investment from BridgePoint Ventures, a Miami firm. According to court papers, Monahan touted his prior NYPD credentials to try to gain the trust of investors interested in the popular tourist destination (pictured above is Bavaro Beach in Punta Cana). Monahan also forged documents assuring the investors that their funds were safe.

Eventually, the BridgePoint investors became suspicious and sent workers to the supposed construction site. They found that "no progress had been made ... and there were animals grazing on the property," according to court papers. BridgePoint has not yet been able to retrieve its funds.

The jury is in: Our beleaguered housing market has finally turned the corner, many experts say.

Not only are home prices beginning to edge up for the first time in months, but other indicators, like home construction and sales, are stronger than they've been in years. Still, with tight lending conditions and shaky employment, the progress is slow in most communities.

But not in these places.

There are actually markets that are steaming at full speed toward recovery. But with home prices still severely depressed, compared to 2006 levels, many properties remain ripe for the taking.

Keep clicking to see some of the best homes (as determined by Realtor.com) for sale in some of the hottest markets.

The quintessential enormous Florida mega-mansion, this home boasts 145 feet of canal waterfront, with quick access to the ocean. Its backyard has a pool and hot tub, a full service concrete dock, and an outdoor dining area with a summer kitchen.

Built in 2009, the home features all state-of-the art appliances. The kitchen has an oversize center island, a walk-in pantry and a separate butler’s pantry. The master suite features a sitting area, two walk-in closets and two master bathrooms.

This newly built, never-before-occupied home is located in the highly sought after Phillips Park community in Washington, D.C. It was built with energy-saving in mind, with Energy Star appliances, high-performance windows, insulated doors, energy efficient heating and cooling systems, and water-saving plumbing.

This classic five-bedroom home with a stone exterior has some interesting and unique features. It has a two-story library, an Old World pizza oven, a wine vault, and an outdoor loggia with built-in grill.

There is a tiki bar with summer kitchen; a pool with a large, beautiful waterfall and a spa; two wrap-around decks (one on each floor); and the second floor deck has its own hot tub. There’s also a sound system wired throughout the house and lanai, which is also wired for a TV.

Its banquet-size dining room is perfect for entertaining, and its extreme kitchen is a chef’s dream. It features a Sub-Zero refrigerator, a Sub-Zero two-drawer freezer, large double oven, two dishwashers, ice maker, level-5 granite counters, a chef’s special area for preparing meals, and a walk-in appliance closet. And all with spectacular water views.

In the home's foyer, stone columns reach to soaring ceilings. The ceilings rise even higher in its family room, which has a granite fireplace and remote-controlled blinds. The home's pool area has a swim-up wet bar and includes 1,300 square feet of imported stone.

Oakland's price appreciation over the last year has been relatively modest compared to some of our other picks. But the market's rapidly clearing inventory identifies the area as a promising investment opportunity. From its hillside perch in Oakland, this Tuscan-style stunner presides over San Francisco Bay. The interior features custom finishes, Venetian plaster, pecan hardwood floors and vaulted ceilings.

This palm tree-lined home nestles into a .60-acre lot blanketed with lush landscaping. Despite rising listing prices in the area, this home just got a price cut, with its ask now just under $3 million.

Boise's certainly a bright spot on today's sometimes-gloomy housing horizon, and if you dip into its sizzling market, you can bet on bagging a lot more space than you would in many coastal cities. That's the case with this Spanish-style, stucco beauty, which, beyond its 5.85-acre plot and 6,258-square-foot interior, offers elaborate finishes and decor.

Orlando clocks in at a third on our list of the hottest markets out there. In the fast-recovering city sits this beautifully manicured property. The stone-built home is just over 10 years old and commands 1.27 acres of verdant landscape.

Amenities await wherever you go on this luxury property. Pictured here is a wine bar complemented by one of the home's pool tables. Outside there's a pool, boat ramp, slip and dock. Community amenities include a fishing pier, fitness center, golf course, playground and tennis courts.

While foreclosure-saturated Florida has been walloped by the housing crash, the Miami-area market still costs a pretty penny per square foot. And considering that the market is really starting to heat up, local turf is not about to get any less expensive. If you're in a position to pony up $3 million, you can bag this swanky apartment.

This French chateau rose shortly after the onset of the housing meltdown, and almost undoubtedly has seen its value tumble over the last few years in Phoenix's hard-hit real estate market.

But days ahead might be brighter for this 11,039-square-foot behemoth. Phoenix, like some of the other hardest-hit markets, is mounting a furious comeback. Realtor.com says prices have shot up nearly 27 percent in the last year.

The home's rear has a covered patio with fireplace that looks out on the property's expansive pool. Some of the home's notable amenities: a recording studio, spa, four-car garage, wine room, theater, guesthouse and giant master suite.